Business News

Gen-I Group Breaks EUR 1bn Revenue Mark

Ljubljana, 16 February (STA) - The group around electricity distributor Gen-I saw sales revenues surge 55% last year to EUR 1.01bn. Net profit nearly doubled to EUR 14.03m in what CEO Robert Golob described Thursday as a $very dynamic and successful year$.

The group sold 17.1 TWh of electricity last year, up from 12.8 TWh the year before. In Slovenia the figure stood at 3.3 TWh, which makes it the second-largest electricity distributor in the country after Elektro Ljubljana.

The bulk of electricity sales in Slovenia is to corporate customers. According to Golob, Gen-I is "by far the biggest supplier" to businesses in the country.

Gen-I does not intend to seek growth on the domestic market, as sales abroad are surging: Gen-I sold 5.9 TWh of electricity in 2009 and more than double that (13.9 TWh) in 2011.

However, it plans to leverage its price advantage in Slovenia to expand the base of households it supplies. "We were 20% or more cheaper than the competition before the price hikes, now the difference is even bigger," he said.

Listing the company's main achievements last year, Golob said Gen-I became the first Slovenian distributor to start doing business in Turkey and the first to sign up a major foreign customer, the Croatian capital Zagreb.

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